Medical equipment maker Agilent's downbeat annual forecast clouds fourth-quarter beat
25/11/2024 22:06
Nov 25 (Reuters) - Agilent A.N forecast its annual
profit below analysts' estimates on Monday, as a recovery is
ongoing in the market for medical tools and equipment used in
clinical studies, sending its shares down more than 2% after the
bell.
Medical equipment makers such as Agilent are seeing soft
demand from early-stage biotechs, as these smaller drug
development companies remain cautious with investments even as
recent rate cuts are expected to improve the funding environment
for such clients.
The California-based company's forecast is in contrast to
its larger peer Thermo Fisher TMO.N , which raised its annual
profit target last month.
Agilent expects to earn an adjusted profit of $5.54 to $5.61
per share for fiscal 2025, below analysts' average estimate of
$5.66 per share, according to data compiled by LSEG.
The company reported an adjusted profit per share of $1.46
for the fourth quarter, beating estimates of $1.41.
Its total quarterly sales of $1.70 billion were also above
analysts' expectation of $1.67 billion.
Earlier in the day, Agilent had also said it would separate
its businesses into three segments — life sciences and
diagnostics markets group, applied markets group and Agilent
crosslab group — as it aims to "become a nimbler company".
(Reporting by Christy Santhosh in Bengaluru; Editing by Shilpi
Majumdar)
((Christy.Santhosh@thomsonreuters.com))